MIRA
INFORM REPORT
|
Report Date : |
17.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KANTILAL MANILAL
AND COMPANY PRIVATE LIMITED |
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|
|
|
Registered
Office : |
Apeejay Chambers, 1st Floor, Wallace Street, Fort, Mumbai
– 400 001, Maharashtra |
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Country : |
India |
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Financial (as
on) ; |
31.03.2007 |
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Date of
Incorporation : |
18.04.1984 |
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Com. Reg. No.: |
11-32694 |
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CIN No.: [Company
Identification No.] |
U24110MH1984
PTC032694 |
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|
TAN No.: [Tax Deduction & Collection Account No.] |
MUMK12362A |
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PAN No.: [Permanent Account No.] |
AAACK5165B |
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Legal Form : |
Private Limited
Liability Company |
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Line of
Business : |
Traders and dealers of Pharmaceutical Chemicals. |
RATING &
COMMENTS
|
MIRA’s Rating
: |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit
Limit : |
USD 230000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Mr. Desai, Mr. Gavade (Sales Department) and Mr. Joshi (Accountant)
declined business and financial details.
Subject is a well established and reputed company engaged in trading
of pharmaceutical raw materials and chemicals. The company is controlled by respectable, resourceful and experienced
Shah family. Their trade relations are fair. Financial position is good.
Payments are correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business partner in a long-run |
INFORMATION
DECLINED BY
|
Name : |
Mr. Desai |
|
Designation : |
Sales Department |
|
Date : |
14.11.2008 |
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|
Name : |
Mr. Gavade |
|
Designation : |
Sales Department |
|
Date : |
14.11.2008 |
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|
Name : |
Mr. Joshi |
|
Designation : |
Accountant |
|
Date : |
14.11.2008 |
LOCATIONS
|
Registered
Office : |
Apeejay Chambers, 1st Floor, Wallace Street, Fort, Mumbai –
400 001, Maharashtra, India |
|
Tel. No.: |
91-22-22317612 / 22072325 / 22077192 / 66317612 |
|
Fax No.: |
91-22-22317610 / 22070376 / 22040376 / 66317610 |
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E-Mail : |
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Area : |
550 Sq. ft |
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Location : |
Rented |
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Branches : |
Located at: - Plot No. 294/12-B, Room No. 25, 16, Princess Street, Mumbai – 400
002, Maharashtra, India |
DIRECTORS
|
Name : |
Mr. Anil P. Shah |
|
Designation : |
Director |
|
Address : |
Sagar
Kunj 78, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India |
|
Date of
Birth/Age : |
27.11.1944 |
|
Qualification
: |
Post
Graduate |
|
Date of
Appointment : |
30.09.1995 |
|
|
|
|
Name : |
Mr. Pankaj P. Shah |
|
Designation : |
Director |
|
Address : |
510, Chandralok,
A-97, Nepean Sea Road, Mumbai - 400 006, Maharashtra, India |
|
Date of
Birth/Age : |
14.08.1951 |
|
Qualification
: |
B.
Com. |
|
Date of
Appointment : |
30.09.1995 |
|
|
|
|
Name : |
Mr. Atul V. Shah |
|
Designation : |
Director |
|
Address : |
53,
Sagar Kunj 78, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India |
|
Date of
Birth/Age : |
28.12.1960 |
|
Date of
Appointment : |
30.09.1995 |
|
|
|
|
Name : |
Mr. Mukesh K. Shah |
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Designation : |
Director |
|
Address : |
12A, Capri
Co-Operative Society Limited, Mumbai - 400 006, Maharashtra, India |
|
Date of
Birth/Age : |
01.10.1959 |
|
Date of
Appointment : |
30.09.1995 |
|
|
|
|
Name : |
Mr. Vinubhai P. Shah |
|
Designation : |
Director |
|
Address : |
53A, Sagar
Kunj 78, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India |
|
Date of
Birth/Age : |
08.10.1933 |
|
Date of
Appointment : |
18.12.2007 |
|
|
|
|
Name : |
Mrs. Nilamben C. Shah |
|
Designation : |
Director |
|
Address : |
12A, Capri
Co-Operative Society Limited, Mumbai - 400 006, Maharashtra, India |
|
Date of
Birth/Age : |
21.08.1932 |
|
Date of
Appointment : |
30.09.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on
30.08.2007)
|
Names of Shareholders |
No. of Shares |
|
Anil P Shah Jointly Devyani A Shah |
950 |
|
Anil P Shah (HUF) Jointly Devyani A Shah |
750 |
|
Charu P Shah Jointly Pankaj P Shah |
850 |
|
Devyani A Shah Jointly Anil P Shah |
750 |
|
Vinubhai P Shah Jointly Kokilaben V Shah |
1000 |
|
Atul Vinibhai Shah Jointly Sheetal A Shah |
675 |
|
Sheetal A Shah Jointly Atul Vinibhai Shah |
300 |
|
Mukesh K Shah Jointly Jyoti M Shah |
450 |
|
Pankaj P Shah Jointly Charu P Shah |
1049 |
|
Nilamben C Shah Jointly Pankaj P Shah |
400 |
|
Atul Vinibhai Shah (HUF) Jointly Sheetal A Shah |
300 |
Equity Shares Breakup (Percentage of Total Equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relative of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Traders and dealers of Pharmaceutical Chemicals. |
|
|
|
|
Products : |
· Aipic Acid · Butyl Cellosove
· Bisphenol · Carbitol · Chloroform · Cyclohexane · Cycloxexanone · Cyclohexulamine
· Dimethyl
Carbonate · DMDCS · Epichlorohydrine
· Hydrazine
Hydrate · Hydroquinone · Glycerine · Maleic Anhydride
· Methyl
Cellosolve · Morpholine · Neophentyl
Glycol · Perchloroehtylene
· Petroleum Ether
· Potassium
Carbonate · N-propariol
Pure · Propionic Acid · Propionis Anhydride
· Propylene
Glycol · Pyridine Pure · Thioglycollic
Acid · Vinyl Acetane
Manomer Generic Name of the Principal Product of the company is : · Trading
Pharmaceutical Chemicals |
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Exports : |
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Countries : |
Europe |
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Imports : |
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Products : |
Chemicals |
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Countries : |
·
Europe ·
U.S.A. ·
China |
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|
Terms : |
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Selling : |
Cash and Credit (60 days) |
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Purchasing : |
L/C and Credit (30 days / 60 days / 90 days) |
GENERAL
INFORMATION
|
Suppliers
: |
·
Diamond Dye
Chemical Limited ·
ICI India
Limited ·
Letcar
Pharma Limited ·
National
Organization Chemical Industrial Limited ·
Gharda
Chemical Limited ·
Lumis
Biotech Limited |
|
Customers : |
·
Wholesalers ·
Retailers Pharmaceutical and Chemical Industry ·
Ajine Metro
Company ·
Atei Shokai
Company ·
Formol Y
Derivodos ·
Picadally
Sayare Trading Limited ·
Sinobrigut Development Limited ·
Zhejiqug
Kangu Pharmaceutical Company Limited |
|
|
|
|
No. of
Employees : |
19 |
|
|
|
|
Bankers : |
·
The Hongkong and Shanghai Banking Corporation Limited 52/60, Mahatma Gandhi Road, Fort, Mumbai -
400 001, Maharashtra, India ·
Andhra Bank Limited Hyderabad Branch, Hyderabad, Andhra Pradesh ·
Bombay Mercantile Co-operative Bank Limited Mahatma Gandhi Road, Mumbai, Maharashtra,
India ·
Bank of Baroda Princess Street, Mumbai - 400 002,
Maharashtra, India |
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Banking Relations : |
Good |
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|
|
|
Auditors : |
Ramesh C. Shah and Company Chartered Accountants |
|
Address : |
307, Venkatesh Chambers, 3rd Floor, Prescot Road, Behind
Khadi Bhandar, Fort, Mumbai – 400 001, Maharashtra, India |
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Tel. No.: |
91-22-22075636 |
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Fax No.: |
91-22-22070012 |
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|
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Associates/Subsidiaries
: |
·
Kantilal Manilal Private Limited ·
Emjey Enterprise ·
Ascent Trading Company ·
Alok Enterprise |
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|
|
|
Membership : |
Basic Chemicals, Pharmaceuticals and Cosmetics Export Promotion
Council |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 million |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2007 |
31.03.2006 |
||
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
1.000 |
1.000 |
1.000 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
45.971 |
41.612 |
37.244 |
|
|
4] (Accumulated
Losses) |
0.000 |
0000 |
0.000 |
|
NETWORTH
|
46.971 |
42.612 |
38.244 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.011 |
1.586 |
0.000 |
|
|
2] Unsecured
Loans |
147.503 |
93.238 |
77.295 |
|
TOTAL
BORROWING
|
149.514 |
94.824 |
77.295 |
|
|
DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
196.485 |
137.436 |
115.539 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
3.521 |
3.328 |
2.052 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
0.249 |
0.000 |
0.256 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
75.286 |
81.458
|
84.472 |
|
|
Sundry Debtors
|
115.701 |
104.084
|
96.697 |
|
|
Cash & Bank Balances
|
46.544 |
21.121
|
10.496 |
|
|
Other Current Assets
|
0.105 |
0.167
|
0.000 |
|
|
Loans & Advances
|
4.174 |
2.579
|
2.514 |
Total Current Assets
|
241.810 |
209.409 |
194.179
|
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
49.095 |
75.280
|
80.913 |
|
|
Provisions
|
0.000 |
0.021
|
0.035 |
Total Current Liabilities
|
49.095 |
75.301 |
80.948
|
|
Net
Current Assets
|
192.715 |
134.108 |
113.231
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
196.485 |
137.436 |
115.539 |
|
PROFIT &
LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2005 |
Sales Turnover [including other income]
|
|
|
539.149 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
|
11.504 |
Provision for Taxation
|
|
|
3.230 |
Profit/(Loss) After Tax
|
|
|
8.274 |
|
|
|
|
|
Import Value
|
|
|
199.889 |
|
|
|
|
|
Total Expenditure
|
|
|
879.128 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%)
|
NA |
NA
|
1.53 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
NA |
NA
|
2.13 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
NA |
NA
|
5.86 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
NA |
NA
|
0.30 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
4.23 |
3.99
|
4.13 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
4.93 |
2.78
|
2.40 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
C J Shah and Shah, Mumbai
Form No. 8
|
Name of the company |
KANTILAL MANILAL
A COMPANY PRIVATE LIMITED |
|
Presented By |
The Hongkong and Shanghai Banking Corporation Limited (Hongkong Bank) |
|
1) Date and description of instrument creating the change |
Agreement for
Overdraft / Loan against hypothecation of revolving stocks and other moveable
assets and also present and future book debts dated 18 February 1993. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.56.700
millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All the Company’s
stock-in-trade both present and future including raw materials,
work-in-progress, spares and stores and finished goods wheresoever situate, held
or kept in India including in the Company’s premises / factories / godowns or
held by any third party to the order and disposition of the Company and / or
in transit and all documents of title, negotiable instruments, policies of
Insurance and other documents and / or instruments relating thereto And Also all the
Company’s present and future book debts. Outstanding monies, receivables,
claims and bills now due, owing and payable or which may at any time during
the continuance of the security become due, owing or payable to the Company
in the course of its business by any person, firm, Company or body corporate
or by the Government of India or any State Government or any Government
Department or office of any Municipal or local or public ort Semi-Government
body or authority or any body corporate or any undertaking or project
whatsoever in the Public Sector. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration
of Overdraft and/or any other banking facilities sanctioned / to be
sanctioned by the Bank to the Company, the Company has hypothecated and
charged to the bank by way of first charge as a continuing security, the
assets mentioned in Item No. 3 above to secure the repayment of the advances
together with interest cost and all other charges. Interest at the rate of
Hongkong Bank Prime Lending Rate currently at 13% per annum shall be payable
by the Company, subject however that the Bank shall have the right to change
the rate of interest after giving notice to the Company. The Company shall
maintain such margin of security as may be specified by the Bank from time to
time. In case the Company fails to fulfill its obligations under the
Agreement, the Bank shall be entitled to take possession of the hypothecated
properties and sell them by public auction or private contract and utilize
the proceeds in full or part settlement of its claims. |
|
5) Name and Address and description of the person entitled to the charge. |
The Hongkong and Shanghai Banking Corporation
Limited 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400 001, Maharashtra,
India |
|
6) Date and brief description of instrument modifying the charge |
The Second
Supplemental Agreement dated 01.10.2004 made between the Company and the Bank
for Rs.85.000 millions |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By the first supplemental Agreement dated 30 October 2001 at the request of the Company, the Bank increased the maximum drawing limit under the facilities from Rs.56.700 millions to Rs.70.000 millions and in consideration thereof the Company agreed to extend the charge to secure the additional facilities upto Rs.70.000 millions. The Company agreed to pay interest at the rate of 15% per annum and agreed to maintain margin, over the assets as advised by the Bank from time to time. By this Second Supplemental Agreement, at the request of the Company the Bank has agreed to increase the maximum drawing limit under the facilities from Rs.70.000 millions to Rs.85.000 millions and in consideration thereof the Company agreed to extend the charge to secure the additional facilities upto Rs.85.000 millions. The Company agreed to pay interest at the rate of 13% and maintain margin over the assets as advised by the Bank from time to time. All other terms and conditions of the Principal Agreement of Hypothecation dated 18 February 1993 as varied, enlarged and modified by the First Supplemental Agreement dated 30 October 2001 shall remain unchanged. |
|
Corporate
identity number of the company |
U24110MH1984
PTC032694 |
|
Name of the
company |
KANTILAL MANILAL A
COMPANY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Apeejay Chambers, 1st Floor, Wallace Street, Fort, Mumbai
– 400 001, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
·
Book debts ·
Others o
Current
assets both present and future |
|
Particular of
charge holder |
The Hongkong and Shanghai Banking
Corporation Limited 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400 001, Maharashtra,
India |
|
Nature of
instrument creating charge |
Supplemental
Agreement dated 18th September 2008 for hypothecation stocks and
book debts both present and future on first exclusive charge basis. |
|
Date of
instrument Creating the charge |
18.09.2008 |
|
Amount secured by
the charge |
Rs.135.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate on
interest Interest shall be payable by the Company on the banking facilities as
per Bank’s tariff, subject however that the Bank shall have the right to
change rate of interest after giving notice to the Company. ·
Terms of
repayment In consideration of Banking facilities sanctioned / to be sanctioned
by the Bank to the Company, the Company has hypothecated and charged to the
Bank by way of First exclusive charge on current assets both present and
future including stock in trade at Purna Village, Thane or any other
locations and book debts as a continuing security, the assets mentioned in
the Deed of Hypothecation to secure the repayments of the advances together
with interest cost and all other charges ·
Margin The Company shall maintain as may be specified by the Bank from time
to time ·
Extent and
operation of the charge In case the Company fails to fulfill obligations under the Agreement,
the Bank shall be entitled to take possession of the hypothecated properties
and sell them by public auction or private contract and utilize the proceeds
in full or part settlement of its claims.
|
|
Particulars of
the property charged |
First exclusive
charge on the company’s current assets both present and future including
stock in trade at Purna Village, Thane or any other locations and book debts
as mentioned in the deed of Hypothecation.
|
Operations and
Financial Review
The company has made a net profit after tax of Rs.4.359 millions as
against Rs.4.368 millions in the previous year.
Dividend
Upon the review of the financial position of the company the directors have
not recommended payment pf any dividend to the shareholders of the company.
The company where following observations were carried on:-
·
Name Board of the company could be seen and the visibility of the Name
Board is good.
·
The company’s office is easy to locate.
·
Subject is located in an up market area.
·
Subject is situated in a commercial locality.
·
Items such as Telephone, Fax Machine, Computers, Xerox Machine and Air
Conditioner could be seen at the company’s office.
Fixed Assets
·
Godown Premises
·
Furniture and Fixtures
·
Electrical Installation
·
Type Writers
·
Air Conditioner and Fridge
·
Telephone
·
Xerox Machine
·
Fax Machine
·
Computer and Printers
·
Voltage Stabilizer
·
Weighing Machine
·
Fire Extinguishers
·
Telephone System
·
Motor Cars
·
Books
·
Printers
·
Modem
·
Capacitor
·
Television
CMT REPORT [Corruption, Money laundering
& Terrorism]
The Public Notice
information has been collected from various sources including but not limited
to: The Courts, India Prisons
Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No exist to suggest that subject is or was the subject of any formal or
informal allegations, prosecutions or other official proceeding for making any
prohibited payments or other improper payments to government officials for
engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered against
subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part
of its Due Diligence do provide comments on Corporate Governance to identify
management and governance. These factors often have been predictive and in some
cases have created vulnerabilities to credit deterioration.
Our Governance
Assessment focuses principally on the interactions between a company’s
management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject is not
known to have contravened any existing local laws, regulations or policies that
prohibit, restrict or otherwise affect the terms and conditions that could be
included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE
INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT
FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This
score serves as a reference to assess SC’s credit risk and to set the amount of
credit to be extended. It is calculated from a composite of weighted scores
obtained from each of the major sections of this report. The assessed factors
and their relative weights (as indicated through %) are as follows:
Financial condition (40%) Ownership background (20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|